Total monthly cost of ownership
Cost to Own a Home in Lynchburg, Virginia
A $212,000 home here costs
$1,791per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $77,000 a year.
A standard mortgage calculator would have told you $1,165. The real number is $626 higher every month, 54% more than the payment most buyers budget for.
Compare Lynchburg city with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Lynchburg against Lynchburg city and Virginia
| Measure | Lynchburg | Lynchburg city |
|---|---|---|
| Median home value | $211,800 | $211,800 |
| Median property tax | $1,778 | $1,778 |
| Effective tax rate | 0.839% | 0.839% |
| Median gross rent | $1,043 | $1,043 |
| Population | 79,255 | 79,255 |
The weather behind that power bill
Lynchburg sits in Lynchburg city, which averages a high of 85.3°F in its hottest month and a low of 24.5°F in its coldest, with 43.61" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 966 cooling and 4,489 heating degree days, which is what sets the $181 electricity line above.
See the full climate breakdown for Lynchburg city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lynchburg city
No other places of this size are published in Lynchburg city.
Full Lynchburg city cost breakdown · Every county in Virginia
Talk to someone who works this market
These are Lynchburg averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Lynchburg every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Lynchburg I already own here and may sell
Common questions
How much does it cost to own a home in Lynchburg?
A $212,000 home in Lynchburg, Virginia costs approximately $1,791 per month with 20% down at 7.32%. That is $1,165 principal and interest, $148 property tax, $52 homeowners insurance, $249 utilities and $177 set aside for maintenance.
What is the property tax rate in Lynchburg?
Lynchburg has an effective property tax rate of 0.839%, based on a median home value of $211,800 and median real estate taxes of $1,778. That is in line with the Lynchburg city average of 0.839%.
What is the average home price in Lynchburg?
The median owner-occupied home value in Lynchburg, Virginia is $211,800, against $211,800 across Lynchburg city.
Is it cheaper to rent or buy in Lynchburg?
Median gross rent in Lynchburg is $1,043 a month, against $1,791 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Lynchburg?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Lynchburg, Virginia at today's rate takes a household income of roughly $77,000 a year. That covers the full $1,791 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Lynchburg, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Virginia.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.